The client is a Financial Services firm located in the US, which Provides Payment and Remittance services majorly across geographies .Yearly the Client processes millions of transactions for consumers and business clients. The company has 500,000+ agents’ locations around the globe and in over 190+ countries and territories. It is transacting in nearly 130 currencies across globe.

Infosys partnered with the client to transform the legacy settlement platform along with migrating to ITRS as the reconciliation platform . As part of the engagement, Infosys is involved in complete end to end implementation of the new solution along with related AMS service. This is a multi-year multi-million-dollar deal and ITRS has been aligned to handle all reconciliation requirements through the settlement platform.

Key Challenges

  • The Client had legacy systems that were not scalable the Client was facing challenges in in business expansion
  • The existing system was handled by multiple vendors which made the management extremely difficult
  • Current insufficient reconciliation mechanisms resulting in undocumented interpretations resulting in uncontrolled processes
  • Client reconciliation was not centralized and not automated end-to-end.
  • Manual reconciliations were leading to Errors
  • The transformation was vast, which covered the complete globe across geographies. The client wanted to complete the transformation within stringent Timelines due to industry wide regulations and competition
  • Lack of up-to-date documentation to understand the current process
  • Frequent change in requirements which impacted approach and changes in design
  • Client was modernizing legacy settlements system from mainframes to Oracle (ORMB) which required an end-to-end automated reconciliation system with multiple integration points and dependency on multiple teams/systems

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The Solution

The Infosys Methodology

  • Infosys proposed a solution with multiple industry leading products from Oracle (ORMB, OBIEE, ODI, etc.) along with ITRS for the new settlement platform
  • ITRS was used to setup a new intersystem reconciliation system along with customized report which highlights records that have failed processing
  • This helps in highlighting issues that may arise down the line and helps users/technical team to take corrective action
  • ITRS based Reconciliation solution implemented which has an effective Matching Engine by using predefined matching logic
  • Infosys Team delivered an End to End automation of Reconciliation process

Building an Integrated foundation Approach

  • Infosys Team designed Customized user reports and delivered to client partners
  • Team Customized workflow as per client specific requirement
  • Customizing and integrating ITRS into the settlements workflow
  • Infosys handled the end to end implementation for requirements gathering, customization, SIT, UAT, user trainings and post go-live support
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Benefits

30-40% reduction in manual activity for Business Users resulting in user spending less time manually matching, updating records with missing information

30-40% reduction in manual activity for Business Users resulting in user spending less time manually matching, updating records with missing information

Solution Resulted in reduced operations delays

Solution Resulted in reduced operations delays

Elimination of errors by reducing manual interventions

Elimination of errors by reducing manual interventions

Seamless integration with various upstream and downstream systems resulting in effective business outcome

Seamless integration with various upstream and downstream systems resulting in effective business outcome

Various inter system reconciliation and corresponding customized reports helps user to easily track failures, delay and omission in data processing thereby alerting them for any eventual mismatch and follow up activity thus required

Various inter system reconciliation and corresponding customized reports helps user to easily track failures, delay and omission in data processing thereby alerting them for any eventual mismatch and follow up activity thus required

Enhanced UI for effective exception management. Reconciliation based customized workflow helps user to perform process flow specific activity for individual recon

Enhanced UI for effective exception management. Reconciliation based customized workflow helps user to perform process flow specific activity for individual recon

Robust reconciliation solution with capability to scale up based on future demand. The solution has been designed to scale up and handle 5 million transactions per day

Robust reconciliation solution with capability to scale up based on future demand. The solution has been designed to scale up and handle 5 million transactions per day